Kuala lumpur: The Olympic Council of Malaysia (OCM) will establish a National Sports Endowment Fund as a sustainable financial mechanism to support the development of sports in the country and reduce reliance on government funding. OCM president Tan Sri Mohamad Norza Zakaria stated that the proposal was unanimously approved during the 213th OCM Executive Council Meeting.
According to BERNAMA News Agency, Mohamad Norza emphasized that the dedicated fund is designed to serve as a long-term investment platform. It aims to draw contributions from the private sector, including corporations, foundations, and individual philanthropists, to provide financial assistance to national sports associations, athletes, and coaches in their pursuit of sporting excellence.
Mohamad Norza remarked, "We realize that the time has come for all of us, the days of being completely dependent on the government to help national sports is over. We need support from the private sector to come in. This effort is complementary to what the government has done so far through the National Sports Council with the Ministry of Youth and Sports. We want to present this and we will take it to the highest level of KBS through Minister Hannah Yeoh."
He explained that the fund would be free from any political interference and governed by an independent body representing the OCM and individuals from the industry. The potential participation from the government will be discussed further, with government representation important to oversee the fund's operations, including considering potential tax incentives for contributors.
When asked about the timeline for the fund's establishment, Mohamad Norza stated it would realistically be in place by the end of the year, or at the latest, by the first quarter of next year.
In addition, Mohamad Norza announced the establishment of the Olympic House Project Steering Committee (Jawatankuasa Pemandu Projek Rumah Olimpik), chaired by OCM secretary general Datuk Mohd Nasir Ali, with Squash Racquets Association of Malaysia (SRAM) president Gerard Monteiro as deputy chairman. Other committee members include Malaysia National Cycling Federation (MNCF) president Datuk Amarjit Singh Gill, Malaysia Lawn Bowls Federation Datuk Awalan Abdul Aziz, and Malaysian Chess Federation Akhramsyah Muammar Ubaidah Sanusi.
The committee will be responsible for monitoring and ensuring that the RM93 million building project, which will serve as the new OCM headquarters scheduled for completion by 2028, is transparently and objectively evaluated.